November 17  - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in October.
 
November 17 -  Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in October.

November 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

December 1 - Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2008. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status and those who sold property during 2008 should call for a tax planning consultation appointment. 

December 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during November, you are required to report them to your employer on IRS Form 4070 no later than December 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

December 31 - Last Day to Pay Deductible Expenses for 2008

Last day to pay deductible expenses for the 2008 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2008). Taxpayers who are making state estimated payments may find it advantageous to prepay the January state estimated tax payment in December (please call the office for more information).  
 
December 31 - Last Day to Make Mandatory IRA Withdrawals

Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age 70½ before 2008. 

December 31 - Last Day to Set Up a Keogh Account for 2008


If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a 2008 contribution. Note: There are other options such as SEP plans that can be set up after the close of the year. Please call the office to discuss your options.

December 31 - Caution - Last Day of the Year

If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking these actions earlier than December 31st.

December 15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in November.

December 15 -  Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in November.

December 31 - Last Day to Pay Deductible Expenses for 2008

If you are a business owner, December 31 is the last day to pay deductible expenses for the 2008 return (doesn’t apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2008).

Latest New

2008 Tax Organizer and Engagement Letter. Below we have provided you with a tax organizer that will help save a little frustration during your 2008 tax season.

Tax Organizer Download

. Engagement Letter for Taxes

December 2008
Big Business Write-Offs in 2008. .Section 179 of the tax code allows taxpayers to elect to treat any portion of the cost of qualified business property as an expense deduction for the tax year in which the Section 179 property is placed in service - instead of having to capitalize the expense and recover the cost over several years
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  December 2008
Tips For Recently Married or Divorced Taxpayers. Newlyweds and the recently divorced taxpayers should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund.
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December 2008
Economic Stabilization Legislation. On October 3, 2008, Congress passed and the President signed into law the “Economic Stabilization” legislation, which included numerous tax law changes that are mostly pro-taxpayer. These changes will impact just about everyone, and you are encouraged to review them below. Please call this office if you have questions about any of the provisions or need additional details.
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